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FINANCIAL NEWS
Egypt scraps ban on gas exports to Israel
28 Feb 2010
(MENAFN) The Egyptian Supreme Administrative Court decided to overturn a ruling banning gas sales to Israel, Mena news agency reported.
The court had previously ordered a stay of a lower courts ban in November 2008, which the government appealed and ignored, pending a legal review. It comes weeks after a deal to increase the supply of gas came into effect.
The ruling is bound to anger dissidents who want to cut off the supply to Israel, which signed a peace treaty with Egypt in 1979. Israel is unpopular in the country because of its policies in the Palestinian territories.
It added that the government should ensure that the domestic market was well supplied with petroleum products before exporting gas and called on it to specify the amount and price of exported fuel.
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